Lorong Lew Lian was a sizable plot of government owned land in Singapore. This plot of land is under the Government Land Sales Programme in Singapore and is the first plot of land to be triggered after 21 months. The highest bid submitted was from City Developments Limited (CDL) with a bid of $710 psf ppr. The site is about 14,000 square metres and has a total gross floor area of 42,000 square metres. Analysts see that the site can potentially yield around 465 residential units. The tender bid for Forestwood Residences is near to Zhonghua Secondary School and Yangzheng Primary School
This piece of Singapore real estate at Lorong Lew Lian was a popular choice for building and real estate development firms when it came up to tender just recently. As the government begins to shrink the land supply in the confirmed land sales programme, many developers who are looking to shore up their land banks to keep the local office occupied has turned to the reserve list in an attempt to secure a site.
Many are looking at the plot of land as many think that the government is going to reduce the land plots available due to more supply as well as there are more units that are close to completion. There will be more completed units available for rent this year and hence many buyers are hesitate to offer for Lorong Lew Lian Tender. The impact of a new Launch at Serangoon is yet to be seen.
Lorong Lew Lian Condo Tender Bid
Perhaps the main reason why building and housing development firms were determined to bid was that they all believed that the amount of publicly owned land and / or housing available within Singapore will fall markedly, at least over the short-term. The city state has proved to be resilient in the long term for its property and hence many developers are looking to build their portfolio in the city state.
Highest Bids for Forestwood Residences
This group had the top bid for the Lorong Lew Lian tender. That bid has been estimated to have been for $321 million. Given the planned size of the development that would roughly work out to be $710 per square foot per plot ratio (psf ppr).
Their bid was 2.6 % larger than the next highest bid from the UOL Group. This group bid a total of $312.88 million which meant an average price of $692 psf ppr. Singapore Land unit Singland Homes in unison with UOL Venture Investments formed the group. This UOL Group was responsible for developing the Botanique housing project at Bartley. The UOL Group success at selling all of the units at the completed developments has prompted them to bid for every available tender in order to repeat such successes. The location for the new development was a factor in raising levels of confidence as well.
Housing Developments for Serangoon Central
CDL is in line with other developers who are looking to replenish their land banks. CDL has a few projects in the area including Bartley Ridge and Bartley Residences. These projects are almost fully sold out and they are confident in the Bidadari region due to government efforts to shore up the region.
In total the condominium project at Lorong Lew Lian is expected to have roughly units in 12 or 13 stories once it has been built. CDL are hoping that the recovery in the Singapore housing market will continue and that all of the units will sell. This particular development will be extra attractive to buyers due to its closeness to Serangoon bus station as well as the MRT station. The reason why there are more bidders is because the land is close to Serangoon MRT Station as well as Nex shopping Centre. Developers are also encouraged by the selling rate of Botanique at Bartley and High Park Residences.